SSY calculator: Sukanya Samriddhi Yojana or SSY is a authorities of India-backed small saving scheme that helps dad and mother to save lots of money for future financial requirements of their girl child. In this completely risk-free funding selection an investor is allowed to take a place till its girl child turns into 14 years of age. However, one can be able to withdraw 50 per cent maturity amount after the girl child develop to be 18 years of age and full maturity amount when the girl turns into 21 years of age.
In SSY scheme, Government of India is giving SSY charge of curiosity of 8 per cent yearly, which is paid on quarterly basis. The central authorities launched Sukanya Samriddhi Yojana charge of curiosity of 8 per cent epr annum for April to June 2023 quarter. Earlier it was 7.60 per cent yearly. So, in Q1FY24, Government of India (GoI) raised SSY charge of curiosity by 40 bps, which is an environment friendly data for SSY accountholders.
Sukanya Samriddhi Yojana calculator
As per the SSY calculator, if a person begins investing in Sukanya Samriddhi Yojana account immediately after the beginning of its gill child, he or she can be able to make investments for 15 years as a result of the SSY scheme permits an investor to take a place on this small saving scheme till its girl develop to be 14 years of age. As it permits an investor to claim income tax revenue beneath Section 80C of the income tax act, if an investor invests ₹10,000 month-to-month then he can be able to make investments ₹1.20 lakh yearly in 12 equal instalments.
As per the SSY calculator, if an investor don’t go for 50 per cent maturity amount after its girl child turns into 18 years of age, he or she can be able to get a maturity amount of ₹51,03,707 or spherical ₹51 lakh. In this ₹51 lakh, one’s full funding might be ₹18 lakh and the curiosity earned after the 21 years of maturity interval might be ₹33,03,707 or spherical ₹33 lakh.
See SSY calculation underneath:
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Photo: Courtesy HDFC Bank Sukanya Samriddhi Yojana calculator
Here, Sukanya Samriddhi Yojana charge of curiosity has been assumed 7.6 per cent on your full interval as a result of it retains on altering and we now have now saved the speed of curiosity at lower ranges.
So, if an investor begins investing ₹10,000 month-to-month in Sukanya Samriddhi Yojana account immediately after the beginning of 1’s girl child, then the girl will in all probability be a millionaire on the age of 21.
Income tax revenue
As talked about above, an investor can declare income tax revenue on as a lot as ₹1.50 lakh invested in SSY account in single financial 12 months beneath Section 80C of the income tax act. The SSY curiosity earned and SSY maturity amount will in all probability be 100 per cent tax exempted as correctly. So, Sukanya Samriddhi Yojana is an EEE funding instrument.
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